While biotech layoffs and big pharma restructuring dominate the news in 2023, the sector’s job market remains buoyant.

Public Company Edition: Private Galderma raised $1bn but said its next likely financing will be an IPO. Also, Azitra went public while Turnstone, Apogee and Sagimet initiated the process; Sutro signed a royalty deal for up to $390m; and despite a follow-on offering mini-surge, cost cuts continue.

Plus deals involving OliPass/Vanda, Simcere/Almirall, Sinopharm/Merck & Co., Jiuzhou/Sandoz, Zai Lab/Seagen, Sciwind/SynderK, Hansoh/KiOmed.

Deal Snapshot: The Dutch biotech planned to move its preclinical candidate, the EGFR-targeting LAVA-1223, into the clinic later this year. Seagen has shown interest in business development as Merck merger talks have quieted down.